NanoLogix, Inc. Sells Certain Medical Test-Kit Patents And Extends Licenses On Others

SHARON, Pa., Jan. 25 /PRNewswire-FirstCall/ -- NanoLogix, Inc. today announced that it has signed a definitive agreement to sell part of its Medical Test Kit patent portfolio and license other key patents to Nutra Pharma Corp. , a Boynton Beach, FL- based biotechnology company. According to the terms of the agreement, NanoLogix will sell eleven key test-kit patents to Nutra Pharma in consideration for that company’s entire NanoLogix common stock holdings, approximately 4.5 million shares, plus a 6% royalty on the gross sales of the subject products. Based upon NanoLogix’s closing price on Tuesday of $.14, total consideration dollar value for the sold patents is a minimum of $630,000.00 USD. The terms also include a license back, relative to NanoLogix’s current pursuits.

Additionally, NanoLogix has agreed to license eighteen other key test-kit patents to Nutra Pharma in consideration for a 6% royalty on the gross sales of the products based on the licensed technology and an option to purchase 1 million options of Nutra Pharma restricted common at $.20 per share.

The agreement, finalized on Tuesday, enables NanoLogix to continue its use of its retained patents for all future technology development unrelated to medical diagnostic test kits, and successfully returns approximately 4.5 million shares to the company’s treasury.

David F. Rivers, a director of NanoLogix who spent more than 30 years with Pfizer’s Schick & Wilkinson Sword business unit and General Motors’ Fisher Body Division in Senior Research, Development and Engineering operations, commented, “We believe that we have created a deal that maximizes both short-term and long-term value for our shareholders and the Company. Not only did we get a reasonable price for some of our patents while shifting the burden of marketing costs to a willing and extremely capable recipient in Nutra Pharma, but we also managed to maintain significant upside participation in the future successes of test-kit products we developed through the royalty and options agreements.” He continued, “The execution of this agreement also improves NanoLogix’s fundamental performance on a per share basis, as we now have removed approximately 4.5 million shares from our total number of Issued and Outstanding shares, while adding Nutra Pharma options to our balance sheet. We also have a quality company, Nutra Pharma, engaged in the marketing effort. Needless to say, we are very pleased.”

About Nutra Pharma Corp.

Nutra Pharma Corp. is a biopharmaceutical company specializing in the acquisition, licensing and commercialization of pharmaceutical products and technologies for the management of neurological disorders, cancer, autoimmune and infectious diseases. Nutra Pharma Corp. through its subsidiaries carries out basic drug discovery research and clinical development and also seeks strategic licensing partnerships to reduce the risks associated with the drug development process. The Company’s holding, ReceptoPharm, Inc., is developing technologies for the development of drugs for HIV and Multiple Sclerosis (“MS”). The Company is also engaged in the research and development of diagnostic test kits designed to be used for the rapid identification of infectious diseases such as Tuberculosis (TB) and Mycobacterium avium- intracellulare (MAI). Nutra Pharma continues to identify and acquire intellectual property and companies in the biotechnology arena.

About NanoLogix, Inc.

NanoLogix is an alternative energy company with nano-biotechnology proprietary and patented technologies that engages in the research, development, and commercialization of technologies for the production of hydrogen to be used as an alternative energy source of fuel. NanoLogix also has patents for the bioremediation of toxic materials, apoptosis and diagnostic tests for infectious human and veterinary diseases.

Forward-Looking Statements

This press release contains statements, which may constitute “forward- looking statements” within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of NanoLogix, Inc., and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.

FOR FURTHER INFORMATION, go to the Company’s website at: http://www.NanoLogix.net

NanoLogix, Inc.

CONTACT: Matthew Lovito of Brass Bulls Corp., +1-866-342-2700

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